In This Article:
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Donald Trump's meme coin is under fire from both cryptocurrency champions and skeptics.
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One crypto fan labeled $TRUMP "embarrassing" and the opposite of what the industry wanted.
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Bitcoin surged to a record high on Monday above $109,000 amid the crypto fever.
Bitcoin surged to a new high ahead of Donald Trump's inauguration on Monday, while his new meme coin is making crypto champions and fans cry foul, saying it's a mockery of serious tokens.
The biggest crypto token rose more than 5% above $109,000, while $TRUMP or "TrumpCoin" surged more than tenfold following its Friday release to more than $75 at its Sunday peak.
The new token slid to about $54 on Monday morning, but its market value still exceeded $10 billion.
That's despite the official website's disclaimer that $TRUMP is "not intended to be ... an investment opportunity, investment contract, or security of any type."
Trump's wife, Melania, launched her own meme coin on Sunday. It was the top trending token on CoinMarketCap early Monday, ahead of bitcoin, ether, $TRUMP, and XRP.
The incoming president has warmed up to crypto in recent months and signaled he will ease restrictions on the industry during his second term.
Donald Trump's net worth rose almost $700 million to $7.16 billion, per the Bloomberg Billionaires Index on Sunday.
GetTrumpMemes.com didn't immediately respond to a request for comment from Business Insider.
Here are some of the reactions from crypto fans and foes to $TRUMP, sourced from emailed notes and posts on X and Bluesky:
1. Mati Greenspan, the founder and CEO of crypto-research firm Quantum Economics
"Reminder: Don't invest in hype. It doesn't accumulate value over time. #Trumpcoin"
2. Peter McCormack, a crypto podcaster with more than 550,000 X followers
"Trump coin is embarrassing. It is the opposite of what you voted for."
3. Erik Vorhees, the founder of crypto exchange ShapeShift
"Trumpcoin is stupid and embarrassing. Trumpcoin is a signal of sea change in US fintech policy towards much more permissive innovation. Both are true."
4. Gabor Gurbacs, the founder of PointsVille
"Trump needs to fire his crypto advisors, from top to bottom and replace with people who know what they are doing. The memecoins cost the US, the presidency and his family a lot of credibility and the consequences haven't even started."
5. Anthony Scaramucci, the crypto-friendly founder of asset manager SkyBridge
"Most dangerous thing for country about Trump coin is what comes next. Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks. Every favor - geopolitical, corporate or personal - is now on sale, right out in the open."